Help your new business grow with expert accountancy advice from Tree

At Tree Accountancy, we want to help you grow – because we know you’ll never stop being an entrepreneur!

Now that you’ve found what you’re really good at – and you’re seeing results, it’s time to grow your business.

Maybe sales are coming in thick and fast, your competitors are looking at what you do and you’re even hearing your name about town.

Now’s the time to expand your team, embrace new technology and evolve your value proposition further. With the solid foundation you have in place, this should be more of a leap forward than a steady putter.

But stop. This is where many businesses get it wrong. When you’re poised for expansion, this is the moment to bring in expert accountancy advice and consult with business experts. Further planning is now required as your business grows and utilises the knowledge gained since your business start-up. And many factors, such as technology, staff, recent innovations and business reporting structures can affect your next steps.

This is the time to meet with your accountant, revisit your financial model and accommodate any changes in your marketplace. And above all, check any products and services which may be appearing from competitors.

Technology

A good entrepreneur will focus on how to get their business noticed in all the right places, and for all the right reasons. Technology has been a huge friend to the business start-up and new innovations are constantly helping entrepreneurs build successful start-ups. There are many platforms that help you raise your profile, for example Instagram, Linkedin and Twitter reach customers and deliver service on a budget. The job of the entrepreneur is to get to know about these tools and stay up-to-date.

Team

As your business grows, so too will your role in managing the strategic growth of the company. Strong financial controls will naturally support your infrastructure, and staffing needs will grow too. You will find that different levels of skills are required to cover the growing demands of your company including business and accountancy advisors who understand your marketplace and your strategic business plan. Surround yourself with all the support you can to make it through this stage.

You may need to recruit management and other key members to join the team, too. Share your vision for the company and its financial goals to ensure that any new team member understands how you got where you are, and can absorb your core business values. The energy of the entrepreneur will often carry the team with them, wherever they’re headed.

Innovate

Now that your business is thriving, it’s time to consider what your next offering might be. What’s the next product or service which is new or compliments your current offering? This may require additional resources and the talent to realise it. Find the next big thing, before someone else does.

By keeping your accounting team close, you will be able to build these new products or services into your updated financial model. During this period, there will be a natural strain on the current business and by working closely with your accountant, you will be able to track whether investment or additional business advice should be sought. Refinancing can take time (and patience) so it’s vital to plan and consult with an expert in this field.

Many new businesses, for example, are eligible to make Research & Development claims to HMRC which can lead to significant financial benefits. Always seek professional accountancy advice beforehand so that you don’t miss out on any tax breaks.

Reporting

As your business grows, the frequency and detail of your financial reporting will increase. Some of this can be provided internally and some can be outsourced.

The outsourced input and reporting should include:

– Payroll – this allows additional confidentiality

– Management packs – which include advice and variance analysis to the plan

– KPI reviews – to ensure your business is running efficiently, and that all costs are investments into its success, and profits are maximised

– Cashflow management

– Investment and finance facility review

– Tax-efficient planning for Director’s remuneration and growth

– Advisor/Finance Director services to support growth

– Employee benefits and retention review and implementation

First class financial reporting allows your business expansion plan to be reviewed on a regular basis. Decisions can be made to keep on track or if required make the right choice by changing course. Numbers alone do not help with this, but if prepared by a reputable accountancy firm and delivered with the input of a professional business advisor they can be priceless.

Once an entrepreneur, always an entrepreneur. To be connected to the right Tree business expert, contact Kate@treeaccountancy.co.uk

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on Thursday, November 9th, 2017 at 3:04 pm and is filed under Uncategorized.
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